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Windrose Hall Great House
Financial Link(s) - Jamaica Stock Exchange (43 listings) - Bank of Jamaica - Statistical Institute
News Link(s) - Jamaica Observer - Jamaica Gleaner
Area:
4411 sq miles (11,425 sq km)
Population: 2,652,689
Capital city: Kingston (population 800,000)
People: 76% African descent, 15% Afro-European descent, 4%
European, 3% East Indian & Middle Eastern, 1% Afro-Chinese
& Chinese
Language: English and patois
Religion: 80% Christian, including revivalist cults such
as Pocomania and Rastafarianism
Government: Independent member of the British Commonwealth
Prime Minister: PJ Patterson
GDP:
US$8.8 billion
GDP per head: US$3,300
Annual growth: -2%
Inflation: 9.9%
Major industries: Tourism, bauxite, sugar, bananas
Major trading partner: USA
The third largest land-mass in the Caribbean, Jamaica is located south-west of Haiti. The island is very scenic with miles of beautiful beaches and a mountainous interior. The north coast in the areas of Ocho Rios and Port Antonio was at one time the winter playground for Europe's rich & famous. Many writers, actors, and other celebrities built beautiful winter-homes on this part of the coast. As usual with Caribbean countries, the primary agriculural exports are sugar, bananas, and citrus. Perhaps the most well known and most sought after commodity though, since the early 1700s, is world-famous Blue Mountain Coffee. Another contibution to the gastronomic world is "Jerk" ...very spicy marinated meat, usually chicken, goat, or pork, grilled on an open fire or barbeque.
The population here is more diverse than most Caribbean countries, decending primarily from Africa, India, China, and Europe. One of the country's best known contributions to culture is Reggae music which Bob Marley brought to the world's attention. Before that, the world outside of the Caribbean, had only heard of Calypso.
Like most Caribbean countries, tourism plays a major role in the economy. Most visitors arrive by plane, and many are charters for all-inclusive vacation packages in Montego Bay, Negril, or Ocho Rios. After years of absence, several small cruise ships are again stopping at Port Antonio. This is welcomed, as a much needed source of employment for local residents in related services industries.
Perhaps beacuse Jamaica is geologically, the Caribbean's newest land mass it also has another industry not found elsewhere in the Caribbean. Bauxite mining has been both a blessing and a curse to the island. It provided much needed employment from some of the world's major aluminium companies. Later it was the source of considerable social unrest as the government sought to nationalize the industry, and today it is a source of considerable environmental concern. Much of the island's water table was contaminated by previously used processing procedures.
Because of this, and other abuses, past governments, nationalized most industry in Jamaica to ensure that socially responsible business practices were followed. Now having found it difficult to operate competetively at a profit the government is selling off assets and putting in place regulatory boards to ensure ethical business practice continues. The net effect is that the governments alivates re-occuring annual debt burden related to operating expenses, capital from the sale of these assets may then be used for needed infrastructure improvements, and foreign investment, creating employment is encouraged.
Monetary administration here is perhaps the most advanced in the Caribbean. The Jamaican Stock Exchange is the only one currently offering a sophisticated web-site and electronic access. Some of the country's brokerage houses (which we listed in our Directories section) have their own sites. At last count, there were more than 40 securities listed, providing a wide range of investment alternatives. One of these companies, Grace, Kennedy, and Associates, is very diversified, listed on other Caribbean exchanges, meets GAAP accounting standards and just delayed plans to list on the NASDAQ because of current conditions in U.S. securities markets
For a country of less than 3 million people, there are probably more professional real estate offices than anywhere else in the region (some are listed in our Directories section). If you are considering acquiring property in the Caribbean you will certainly find yourself well serviced here. Residential property ranges from mountain huts to seaside mansions. Also, as mentioned earlier, the government is committed to "privatizion" so there are also a number of large commercial properties and businesses available.
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Copyright (c) January 2004 - material on this page is not to be reproduced in any manner without the express written permission of Wildfire Asset Management Inc.
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